Soybeans Extend Gains to Tuesday’s Close

Soybeans extended gains on Tuesday, closing at $12.28, up 12 cents from the previous close. The national average Cash Bean price reached $12.01, up 13 1/4 cents. Soymeal futures remained steady, increasing by $1.10 to $1.10, while Soy Oil rose 39 to 101 points. The USDA reported a private export sale of 132,000 metric tons of soybeans to undisclosed destinations.

Meanwhile, coffee prices had erased early gains as Brazil's coffee warehouses filled. The Crop Progress data from NASS indicated that 91% of the US soybean crop had set pods by August 23, and 6% had dropped leaves. The condition ratings had dropped by 1% to 60% gd/ex, with the Brugler500 index falling 4 points to 357. Notably, conditions were weaker in North Dakota, Ohio, South Dakota, Indiana, Illinois, Minnesota, Missouri, and Iowa.

Agroconsult estimates Brazil's soybean acreage at 49.2 million hectares (121.58 million acres), slightly higher than last year.